Equinor eyes more output from renewable energy by 2030

Norway’s Equinor said on Friday they want to allocate more than 30 percent of their annual gross capex by 2025 and more than 50 percent by 2030 to renewables and low carbon solutions.

Equinor said they are on track towards the 2025 ambition, with gross investments in renewables increasing to 11 percent in 2021, compared to 4 percent in 2020.

They aim to have 12-16 gigawatt (GW) of renewable energy capacity by 2030, compared to 0.5 GW in 2020.

“Our ambition is to reduce our group-wide emissions by 50 percent by 2030, and we aim to realise 90 percent of this ambition by absolute reductions. This ambition is aligned with the goals of the Paris agreement and a 1.5°C pathway, and we are on track with our performance so far,” Anders Opedal, President and CEO of Equinor ASA, said in a statement.

The company said that they expect renewable sources to make up to 10 percent of their energy output in 2030, meanwhile oil and gas will make up the remaining 90 percent.

Equinor added that they have made significant progress with offshore wind, onshore renewables, CCS and hydrogen projects in 2021.

In 2021, Equinor produced 1.6 terawatt-hours (TWh) in renewable energy, and 2.1 million barrels per day (bpd) in oil and gas. They said that the growth in production of gas from Norwegian Continental Shelf to Europe was 5 percent higher compared to 2020. While the reserves replacement ratio was 113 percent in 2021, emission reduction measures were the main drivers for the reduction of the intensity compared to 2020.